Cheyne Capital has issued a €29m senior facility to refinance a mixed-use luxury hotel, residential and retail portfolio in Northern Italy.
The loan refinances Portopiccolo Sistiana, a coastal destination development in the Gulf of Trieste, sponsored by affiliates of HIG Capital.
The portfolio comprises the five-star Tivoli Portopiccolo Sistiana Wellness Resort & Spa alongside residential accommodation, retail space and parking facilities.
Daniel Schuldes, co-head of European real estate at Cheyne Capital, said: “Portopiccolo Sistiana is a high-quality hospitality and residential destination on the Gulf of Trieste, combining an established luxury hotel, residential accommodation and extensive leisure amenities.
“This financing reflects Cheyne’s continued conviction in well-located European hospitality and residential assets; we are pleased to work with such an experienced sponsor as HIG on the next phase of the project.”
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